IPO confirms it as the most valuable club in the world
English Premier League soccer club Manchester United PLC, with a record 19 championships, has raised $233.3 million in its U.S. initial public offering. This priced the shares below the marketed range.
The 134-year-old team which was bought by the Glazer family in 2005 sold 16.7 million shares for $14 each, according to a statement just released. They had offered the shares, equivalent to a 10 percent stake in the company, for $16 to $20 apiece. The club started trading on Friday 10th August, listing on the New York Stock Exchange under the symbol MANU.
The IPO gives the Glazer family's team an enterprise value of $2.9 billion, about $1 billion more than the value of Spain's Real Madrid, according to data compiled by Bloomberg and Forbes.
This new valuation confirms Manchester United as the most valuable sports club in the world.
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